A rising number of rich individuals are distancing themselves from private banks in search of more independent advice, favouring smaller wealth managers or boutiques to manage their money.
“Clients are feeling the best advisers will be independent,” says Michael Maslinski, a director of Maslinski & Co, consultants to the wealth management sector. “There is an erosion of confidence in banks especially now they have invested in products they don't understand.”
The closeness of private banks to their investment banks used to be a strong marketing tool but is now likely to be seen as a disadvantage, and clients want to distance themselves as far as possible, Mr Maslinski adds. “They are vulnerable and going through trauma.”
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